Saving/Applying for a mortgage 2020-22 Edition

Yeah we cleared everything before applying to ensure we got get max loan, credit cards, overdraft etc. Makes things a lot more simple for you and lender.

mojesius wrote: »

Yeah we cleared everything before applying to ensure we got get max loan, credit cards, overdraft etc. Makes things a lot more simple for you and lender.

It's not that complicated tbh, if you use any online calculator and enter your loan repayments it will tell you what you can get. Enter it without the loan repayments to see if it would make any difference. Some people would be better off keeping the 10k or whatever to put into the house when they buy it.

Pivot Eoin wrote: »

Wow, very quick. Who was the lender? Mine took 2 weeks, so not too bad, but that was months ago, was hearing its taking a lot longer now.

We were so lucky. The time frame from submitting our application and receiving our loan offer was 11 working days. That was even with a bit of hassle with the HTB. This was in the last three weeks so some people are moving quickly. Our broker and solicitor are still in shock at how fast things have moved for us. Hopefully it continues that way!!

Ticking and Bashing wrote: »

Just wondering - is the AIP emailed or posted to you? Currently house sharing and would prefer if my housemates didn't see mortgage documentation arriving in the post. (applying with Aib first).

Can do it all online with AIB through: https://mymortgage.aib.ie/

Starlord_01 wrote: »

We were told if possible, to pay off any loans.

The fact you have 60k for a deposit you could use that to clear it, unless you want to go for mortgage of less than 90% LTV.

It's not making a difference if you actually can make the repayments.
We got approved with two car loans, about 500 eur per month.

My understanding is the lenders are happy to see you actually have a loan and historically you did not miss any repayments?

Meraf wrote: »

Once your documents got proper review and accepted AIB will send letter by post to you with AIP

The letter is on the system immediately, no need to wait for post.

Meraf wrote: »

True but you are getting AIP conditional first online, once all papers reviewed you are getting by post AIP & online

AIP is always conditional, whether by post or online.

Hello

My partner and I are looking to get a mortgage with my previous credit issues. Both my bank (ptsb) and Finance Ireland have said they need 2 years clear which will be Feb 2021 before considering an application.

Combined income of 84k , save 1450-1700 monthly and savings of 80k / no debt. Looking for 250/260K with 20% deposit minimum.

We are now in a position where our circumstances are changing and we need to move on from where we are (living with a parent).The rental market is 1600-2000 a month where we live. I’m wondering if anyone has experience of being approved with less than 2 years clear? I was thinking of applying to bank but I’m worried if they refuse we might be told we can’t apply again for x number of years etc.

Thanks for reading!

Shadow2019 wrote: »

Hello

My partner and I are looking to get a mortgage with my previous credit issues. Both my bank (ptsb) and Finance Ireland have said they need 2 years clear which will be Feb 2021 before considering an application.

Combined income of 84k , save 1450-1700 monthly and savings of 80k / no debt. Looking for 250/260K with 20% deposit minimum.

We are now in a position where our circumstances are changing and we need to move on from where we are (living with a parent).The rental market is 1600-2000 a month where we live. I’m wondering if anyone has experience of being approved with less than 2 years clear? I was thinking of applying to bank but I’m worried if they refuse we might be told we can’t apply again for x number of years etc.

Thanks for reading!

You should apply through a broker. They apply to all the banks for you and specialise in cases where there have been credit history issues as far as I know.

dodo87 wrote: »

Hi all,
My offer was accepted on a house on Saturday morning. I am currently approved with AIB which is my current bank and need to send on all the details of the house. AIB are currently saying there is a 15 working day turn around. I just noticed last night that BOI are doing cash bank on all new mortgages. This money would go a long way as there is quiet a bit of work to be done on the house. Just wondering is it worth applying with BOI too while I am waiting for AIB to finalise the details and if the cash back is worth it as the 2% will be almost 4,000 to me which would go along way.
Thanks in advance

Look at the overall cost of the mortgage. Usually these cash back offers are offset by a higher interest rate. How long do you have to stay with BOI for the mortgage is there a clawback if you switch mortgage within a certain time frame? Any other terms and conditions that may not suit your situation.

I’m not saying they’re bad offers but there just might be something that doesn’t suit your situation in the fine print.

Kh1993 wrote: »

Maybe a silly question, but has anyone experience with applying for a mortgage alone as a single applicant at the same time as a joint application as a couple.

With the subsidy in effect, our joint application is going nowhere for 6 months. So in the meantime if a cheaper house we like comes up, I’m looking at applying myself.

Will a bank let me apply even though they’ve given me AIP on a joint one? And would it cause problems down the line?

Technically you should be able to get AIP for both. Talk with the bank.

dodo87 wrote: »

Hi all,
My offer was accepted on a house on Saturday morning. I am currently approved with AIB which is my current bank and need to send on all the details of the house. AIB are currently saying there is a 15 working day turn around. I just noticed last night that BOI are doing cash bank on all new mortgages. This money would go a long way as there is quiet a bit of work to be done on the house. Just wondering is it worth applying with BOI too while I am waiting for AIB to finalise the details and if the cash back is worth it as the 2% will be almost 4,000 to me which would go along way.
Thanks in advance

Similar to our situation, we had AIP with AIB when house hunting, went sale agreed and when looking at banks again, decided the cash back offer from BOI would suit us, we contacted our local branch and they gave us AIP within a week and had loan offer sent just a couple of days later.

Now we decided against the cashback as the mortgage repayments were just a bit too high for us, we have decided to go with AIB and are waiting almost 3 weeks now for loan offer.
BOI can certainly get things done very quickly

The discussion around cashback changes quite a bit when you factor in switching in the near future.

dodo87 wrote: »

is it harder to switch in the future?

Switching mortgage but keeping with the same bank -> easy.
Switching mortgage but changing banks -> it's similar enough to getting a new mortgage, payslips/documentation dance is required and solicitors are involved.